Bitcoin Range-Bound Amid Global Macro Shifts

Bitcoin continues to trade within a narrow range as global macroeconomic forces exert competing pressures on the cryptocurrency. The New York Federal Reserve's intervention to support the yen has triggered a significant unwind of global carry trades, traditionally a source of liquidity that can flow into risk assets like crypto. This unwind has instead sparked a pronounced flight to traditional safe-haven assets, most notably gold, which has seen a sharp uptick in demand and price.

This dynamic creates a complex environment for Bitcoin. While the asset is often touted as a potential digital safe haven, its current price action suggests it is being treated more as a risk-correlated asset in this specific scenario. The lack of a decisive move indicates a market in equilibrium, weighing the liquidity drain from the carry trade unwind against its own long-term store-of-value narrative. For now, Bitcoin appears caught between these two macro narratives.

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